Callouts & quotes from 26,677+ activist slides

"I can tell you right off the bat...they haven’t taken any impairments against their balance sheet, so they’re probably over-valuing their inventory far greater than it’s actually worth."

"Excessive overhead and significant investments outside the core Digital Telephony businesses have failed to generate returns, and instead have resulted in massive losses for the Company"

"Product sales revenues increased by 97%, maintenance contract renewal rates increased to 92% and the business was sold to Concord Communications in 2005 for an 8.5x return to investors."

"We believe that in RUN’s structure, the Company is effectively selling the PV Systems to itself at inflated prices using a financing partner, even though selling ITCs is not permitted."

"Under new leadership, HHC is executing a business transformation to focus the company on the vast long-term value creation opportunity within its core master planned communities (MPCs)"

"We believe MDLZ’s enormous efficiency opportunity exists because MDLZ was created through a series of acquisitions made by legacy Kraft that were never properly optimized or integrated"

"Spruce Point likes investing situations where the data suggests a favorable risk/reward. Numerous academic studies and recent performance suggests that spin-offs outperform the market."

"Our data scrape program identified +7,900 unique practices on the Vets First Choice Platform. This pace indicates that its install base will grow to over 9,000 vets by the end of 2018."

"The parties to this agreement are separate entities under civil law, between the individual parties no co-investment, agent, employee, contractor, or leasor/leasee relationship exists."

"Incumbent Board may have failed to perform its fiduciary duty to act in the best interests of ALL shareholders in order to protect the interests of corporate insiders and wealthy heirs"

"Not surprisingly, we find that FIGS' pandemic-driven business momentum is normalizing. We note that most key business metrics deteriorated on YoY and/or QoQ bases through much of 2021."

"WTRG is covered by fewer analysts than in the past, but its roster still include a mix of low-tier stock promoters that have a resounding “Buy” opinion and collectively see 32% upside."

"While we acknowledge that there is no “perfect” source and some may exclude certain types of claims, we find that none come close to the procedure volume estimate disclosed by Procept."

"Underperformance (CCI +17.0% cumulatively) compared to both peers (AMT +23.5% and SBAC +60.5%) and market (S&P 500 +30.2%) in last 2 years; outperformance relative to REITs (IYR +9.2%)"

"Based on this record, should we really trust that Xerox’s current management and board have negotiated a transaction that maximizes shareholder value? History tells us the answer is NO"

"Tablets create a much more efficient dining experience and can reduce dining times by 5-10 minutes per table (allows the guest to pay whenever ready instead of waiting for the server)."

"Based on extensive research and discussions with culinary experts and suppliers, we believe we can accomplish these goals at Olive Garden’s current price points without hurting margins"

"The current management and Board of IPX is associated with one controversial individual and several public companies that have broadly failed to deliver lasting value for shareholders."

"QS plays each of them: 1) claiming both high energy and high power... 2) claims of a new “super material” electrolyte; 3) overstating cycle life; and 4) obstacles to commercialization."

"we believe all €68.1 million in gains booked prior to any construction start (2017-2021) at both Polygon and MQM seriously abuse if not directly contradict its own accounting policies."

"We believe our plan, if implemented, would increase the profit before tax from the current JPY4.5bn to JPY11.4bn in 2024, and result in nearly 100% upside from the current stock price."

"Textile Effects was a healthy business that was purchased in 2006, NOT in 2011. Huntsman then mismanaged the business and subsequently spent years trying to fix the problems it created"

"We believe that 3% SSS is conservative - it is in-line with better-performing peers, and 3 years of 3% SSS would just get Olive Garden's AUV back to the $4.8 million of a few years ago"

"Tablets create a much more efficient dining experience and can reduce dining times by 5-10 minutes per table (allows the guest to pay whenever ready instead of waiting for the server)."

"Based on extensive research and discussions with culinary experts and suppliers, we believe we can accomplish these goals at Olive Garden’s current price points without hurting margins"

"At BlackRock's AGM scheduled for May 15, 2024, Bluebell Capital Partners is proposing an amendment to the company's bylaws to require an Independent Board Chair (Item 6 - Vote: “FOR”)."

"Warning: While oat milk is trying to gain share amongst established plant-based milks such as soy and almond, we believe capital is already flowing into the next hot plant trend: peas."

"As the costs of solar systems inputs (PV modules, batteries, meters) decline overtime, the use of the weighted-average method lowers Sunnova's cost of goods sold relative to its peers."

"The merger did not leave a strong impression of the new brand, and today the terms “Bank of New York”, “Bank of New York Mellon”, “BNY” and “BNY Mellon” are being used interchangeably."

"When P&G acquired Gillette in 2005, previous leadership believed P&G could achieve a 24% EBIT margin. We still believe P&G can approach that profitability level under strong leadership"

"We have also encountered requests to servers, which were not owned by NQ, but rather a 3rd party company named TalkingData, especially to: http://tdcv3.talkingdata.net - 211.151.121.41"

"Relative to the significant uncertainty regarding future revenue potential for Celgene’s five near-term product launches, we believe Bristol-Myers’ revenue expectations seem aggressive"

"Ballard is 76% owned by the public, making it a heavily retail driven stock. Ballard's management and directors own virtually no shares and its current ownership is near all-time lows."

"We therefore divide the estimated Q2 FY25 overstated inventory amount, which is a cumulative number, by ELF's reported gross margin of 71%. This provides the implied overstated revenue"

"At current g-fee levels of 60bps, we estimate that the GSEs’ guarantee business can generate $146bn of earnings over the next 10 years, including the benefit of future reserve releases"

"FND management has walked back initial claims in 2018 of up to 4x higher average ticket size from customers using designers, to 3x in 2021, 2x in 2022, and now no longer quantifies it."

"Spruce Point evaluates companies working capital stress in relation to its revenues. In the case of Saputo, we find that it has been steadily increasing in each of the past five years."

"TWC’s revenue growth has accelerated over the period 2003 - 2005 largely due to the effectiveness of TWC’s new video on demand, digital video recording and high-definition TV products."

"TWC is a separate credit from TWX and cannot borrow to support the activities of the other divisions within TWX or borrow to directly support a broader share repurchase program at TWX."

"TWX appears better served by immediately initiating actions to bolster its stock price (through a dutch auction and other initiatives) to create a more attractive acquisition currency."

"Using LinkedIn premium data as an indicator of TASK's workforce expansion, we find a material slow down in the last quarter of 2021. The data analyzes total hires over the time period."

"The fact of the matter is that the stocks in which [Mr. Peltz] has been involved, capex has gone up, not down, in nearly all of the cases. The record speaks for something, does it not?"

"Based on CSTE's projections and forecasts, they appear to be ignoring the bottom- and top-line risks including the carrying value of their ever-increasing inventory and finished goods."

"Despite not having the size and scale to compete with larger peers, and known to have historically pursued a copy-cat like strategy to mimic products, CHD commands a premium valuation."

"Our best estimate, we cannot reconcile $59m and $79m of sales in 2017 and 2018. As a result, we cannot reconcile and estimate operating profit margin inflation of $42 and $52m in 2018."

"Spruce Point has major concerns with PERI's highly promoted new SORT® product. Based on our analysis, the customer count is not adding-up. Is Perion failing to disclose lost customers?"

"In addition to promotion from low-tier stock promoters with a consensus “Buy” recommendation, PERI also has a thriving community of promoters in venues geared towards retail investors."

"We believe that in recent years, Nidec misleadingly and artificially boosted its reported profitability and growth in profits through highly questionable write-offs it took in FY 2012."

"Based on our analysis of the project economics underlying the UBS Wealth Management partnership, we believe the project should be impaired and that BR’s earnings are vastly overstated."

"At BlackRock's AGM scheduled for May 15, 2024, Bluebell Capital Partners is proposing an amendment to the company's bylaws to require an Independent Board Chair (Item 6 - Vote: "FOR")."

"GINGKO BIOWORKS executive #2 – similar to executive #1 – wouldn’t confirm if Gingko actually paid for the 3 machines they have, leading us to wonder if/how BLI has booked it as revenue"

"It appears that CPI PG’s debt for equity swap enabled Vitek to pocket approximately ~€118 million in cash. Meanwhile CPI PG apparently assumed over €220 million of Vitek’s liabilities."

"We conclude that the company's statements - in press releases, earnings calls, presentations, and an in-person IR meeting - are false and an epic scam, based on extensive surveillance."

"A cohesive team of healthcare visionaries with: Proven managers, leaders and professionals capable of tackling the myriad of operating, cultural, financial and regulatory issues at HMA"

"Strong business and financial knowledge; Experience in turn-around situations; Diverse financial leadership in the healthcare industry; Executive experience in risk assessment services"

"One trend I'm seeing is that lawncare companies are offering exterior, perimeter pest control. That's easy for them to do, perimeter spray. That's one of the biggest trends I'm seeing."

"Did BP pretend to invest billions of Pounds in renewables without knowing how to present a permit plan, which complies with the law, or was Lightsource BP trying to circumvent the law?"

"By way of illustration, a share buyback at a 61% discount(1) to NAV results in a 159% ROI in terms of increase in NAV per share setting a high benchmark for alternative uses of capital"

"It seems reasonable to conclude that hematocrit is intentionally omitted from the paper in order to avoid providing evidence that would undermine the claim to renal health improvement."

"We believe that REZI's pre-tax income in the YTD 2025 period is inflated by 8-12% by making overly aggressive assumptions about the average customer life from the Snap One transaction."